FFO / Net debt can be estimated as:

**FFO ≈ Cash flows from operating activities before working capital changes**

From the data:
- Cash flows from operating activities = **1,648 million EUR**
- Increase/decrease in working capital = **+135 million EUR**

So:

**FFO ≈ 1,648 − 135 = 1,513 million EUR**

Next, estimate net debt at year-end 2022.

Debt-like liabilities:
- Noncurrent bonds/marketable debt = **3,101 million EUR**
- Noncurrent loans = **2,624 million EUR**
- Noncurrent lease liabilities = **439 million EUR**
- Current bonds/marketable debt = **1,139 million EUR**
- Current loans = **553 million EUR**
- Current lease liabilities = **72 million EUR**

Total financial debt:

**3,101 + 2,624 + 439 + 1,139 + 553 + 72 = 7,928 million EUR**

Cash and cash equivalents:

**2,360 million EUR**

Net debt:

**7,928 − 2,360 = 5,568 million EUR**

Therefore:

**FFO / Net debt = 1,513 / 5,568 = 0.2717**

<answer>0.272</answer>